VarigLog offer to be presented to creditors; second auction pending

VarigLog's $485-$500 million bid for Varig was declared fit to be considered by the airline's creditors, but a Rio de Janeiro bankruptcy court said there likely will be another auction July 11 just in case anyone wants to offer more, Reuters reported. VarigLog, the former freight and logistics arm of the bankrupt carrier, stepped forward last week after a bid by an employee-led consortium failed (ATWOnline, June 28). VarigLog's offer reportedly includes guarantees for the airline's loyalty ...